NC General Statutes

N.C. Gen. Stat. § 135-2 (2026)

Name and date of establishment

✓ current as of July 2026

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A Retirement System is hereby established and placed under the management of the Board of Trustees for the purpose of providing retirement allowances and other benefits under the provisions of this Chapter for teachers and State employees of the State of North Carolina. The Retirement System so created shall be established as of the first day of July, 1941.

This Retirement System is a governmental plan, within the meaning of Section 414(d) of the Internal Revenue Code. Therefore, the nondiscrimination rules of Sections 401(a)(5) and 401(a)(26) of the Code do not apply. This System shall have the power and privileges of a corporation and shall be known as the "Teachers' and State Employees' Retirement System of North Carolina," and by such name all of its business shall be transacted, all of its funds invested, and all of its cash and securities and other property held.

Consistent with Section 401(a)(1) of the Internal Revenue Code, all contributions from participating employers and participating employees to this Retirement System shall be made to funds held in trust through trust instruments that have the purposes of distributing trust principal and income to retired members and their beneficiaries and of paying other definitely determinable benefits under this Chapter, after meeting the necessary expenses of administering this Retirement System. Neither the trust corpus nor income from this trust can be used for purposes other than the exclusive benefit of members or their beneficiaries, except that employer contributions made to the trust under a good faith mistake of fact may be returned to an employer, where the refund can occur within less than one year after the mistaken contribution was made, consistent with the rule adopted by the Board of Trustees. The Retirement System shall have a consolidated Plan document, consisting of Article V, Section 6(2) of the North Carolina Constitution, relevant statutory provisions in this Chapter; associated regulations in the North Carolina Administrative Code, substantive and procedural information on the official forms used by the Retirement System, and policies and minutes of the Board of Trustees. (1941, c. 25, s. 2; 2012-130, s. 7(c).)

Notes of Decisions

Cited in 9 cases (1 in the last 5 years), 1968–2023 · leading case: Cabarrus Cty. Bd. of Educ. v. Dep't of State Treasurer, 821 S.E.2d 196 (N.C. Ct. App. 2018).

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Cabarrus Cty. Bd. of Educ. v. Dep't of State Treasurer, 821 S.E.2d 196 (N.C. Ct. App. 2018). · cites it 12× “" N.C.G.S. § 135-2. "[A]ll contributions from participating employers and participating employees to this Retirement System shall be made to funds held in trust" by the Division.”

Faulkenbury v. Teachers'& State Employees'Ret. Sys., 424 S.E.2d 420 (N.C. Ct. App. 1993). · cites it 6× “" Plaintiffs brought this action against several parties: the State of North Carolina; the Teachers' and State Employees' Retirement System of North Carolina, a corporation established under N.C.G.S. § 135-2; and its Board of Trustees.”

Faulkenbury v. Teachers' & State Employees' Ret. Sys., 424 S.E.2d 420 (N.C. Ct. App. 1993). · cites it 6× “” Plaintiffs brought this action against several parties: the State of North Carolina; the Teachers’ and State Employees’ Retirement System of North Carolina, a corporation established under N.C.G.S. § 135-2; and its Board of Trustees.”

Wells v. Consol. Jud. Ret. Sys., 526 S.E.2d 486 (N.C. Ct. App. 2000). · cites it 2× “” N.C. Gen. Stat. § 135-2 . Statutory provisions relating to TSERS are codified in Article 1 of Chapter 135 of the General Statutes.”

Stanley v. Ret. & Health Benefits Div., 310 S.E.2d 637 (N.C. Ct. App. 1984). · cites it 2× “The System’s membership is composed of public school teachers and administrators and State employees of the State of North Carolina. G.S. 135-3, G.”

State Employees Ass'n of North Carolina, Inc. v. State, 573 S.E.2d 525 (N.C. Ct. App. 2002). · cites it 2× “” N.C. Gen. Stat. § 135-2 (2001). *209 Codified in N.”

Powell v. Bd. of Trs. of Teachers' & State Employees' Ret. Sys., 164 S.E.2d 80 (N.C. Ct. App. 1968). “” G.S. 135-2. Nowhere do the statutes indicate a legislative intent to establish a group life insurance program.”

Wilson Cty. Bd. of Educ. v. Ret. Sys. Div. (N.C. Ct. App. 2023). · cites it 2× “N.C. Gen. Stat. § 135-2 (2022). Any member of TSERS -2- WILSON CNTY.”

Worrell v. N.C. Dep't of State Treasurer, 418 S.E.2d 241 (N.C. Ct. App. 1992). “Finally, “Retirement System” means “the Teachers’ and State Employees’ Retirement System of North Carolina as defined in G.S. 135-2.” N.C. Gen. Stat. § 135-1 (22) (Cum.”

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